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Mar 31, 2020
Kearny Financial Q3 2020 Earnings Report
Net income decreased due to COVID-19 challenges and strategic restructuring.
Key Takeaways
Kearny Financial Corp. reported a net income of $9.3 million for the quarter ended March 31, 2020, a decrease of $1.4 million compared to the previous quarter. The decrease was attributed to challenges presented by COVID-19 and a wholesale restructuring transaction.
Net income for the quarter ended March 31, 2020 was $9.3 million, or $0.11 per basic and diluted share.
Deposits increased by $64.4 million to $4.25 billion at March 31, 2020.
Loans receivable increased by $69.8 million to $4.56 billion at March 31, 2020.
Net interest income increased by $3.0 million to $37.6 million for the quarter ended March 31, 2020.
Kearny Financial
Kearny Financial
Forward Guidance
The company expects to close the merger with MSB Financial Corp. late in the quarter ended June 30, 2020, or early in the quarter ended September 30, 2020, subject to shareholder and regulatory approvals.